Bitcoin Price Evolution Analysis 07.02.2021

by CSM TRADER                                                                                                                

 nº385

BTC price U$ 32.955.  

USD/BRL price R$ 5.05.

Price EUR/BRL R$ 5.97.

Price Gold 1g R$ 284.85. 

Good morning to all readers.

The Bitcoin price is still in a downtrend at below the U$33,500 price area and the 100 EMA (H1).

The Bitcoin price in past sessions failed to make the positive advances upwards from the $34,000 price area, and continued its negative corrections downwards from $33,500 and $33,000, where it even tested the $32,671 price area.

Now at the time of writing the Bitcoin price is tracking in the U$33,020 price area.

It will be of utmost importance that the Bitcoin price stays above the U$32,260 and U$32,000 price areas.

In the case mentioned above, if the Bitcoin price were to fail on the positive developments upwards of U$33,500 and U$34,000 again, the negative corrections could come back down below U$32,500 and follow below U$32,220, where stronger corrections could emerge downwards from the U$31,780 and U$31,500 price areas.

On the other hand, if the Bitcoin price achieves the necessary positive advances above the U$33,800 price area and stays supported above the 100 EMA (H1), continuities of attempts to break through the U$34,000 could occur, and still extend above the U$34,500.

Only with good moves upwards from the U$34,220 and U$34,500 price areas, for the Bitcoin price to break out of a risky area of downside continuities below U$32,500.

We can still see the Bitcoin price testing the U$28,800 price area, as only 2 tests have been made in this price area so far. It would take 1 more test to confirm a pattern of new highs or on the declines. If it breaks down, the corrections will be much stronger and heavier below $26,500. If it doesn't break through, the returns of the positive moves above $38,000 and $40,000 could come back with strength.

A daily close was made above the $33,485 price area.

For today, a close above the $32,220 price area will be of extreme importance, in order to avoid the continuity of negative corrections below $32,000.

Sellers remain in control of the situation with the Bitcoin price below the $33,220 price area.

Buyers need to continue positive developments above $33,500 in the near term 

The next hurdle for buyers will be to advance above the U$34,000 resistance, above which buyers will stay above the EMA 100 (H1), where positive advances above U$34,780 and U$35,000 could emerge.

Any further gains by buyers, could lift the Bitcoin price towards the U$35,500 resistance.

And then follow through to above U$36,000 again.

If buyers already fail on the upside advances towards the U$33,800 and U$34,220, sellers will give the downside continuities again from the U$33,320 and U$32,800 price areas where they may try to extend these downside downwards from the U$32,500 and U$32,000 price areas.

Buyers will have to defend the $32,000 price area, because below this price area the disadvantages will be much greater.

Only near-term advances by buyers with the Bitcoin price up above the EMA 20 (H1) to get out of a large risk area of more downside created by sellers.

H4 chart:

Bitcoin price follows below the EMAs and inside the Green Ichimoku Cloud.

For the Bitcoin price to return to positive developments above the U$33,500 and U$33,800 price areas and attempt the breakout at the U$34,000 price area, it will be of utmost importance that the Bitcoin price gets sustained above the EMA 5 again for the next few sessions.

If the Bitcoin price were to break out below the Ichimoku Green Cloud, the downside corrections will provide continuities below $32,220 and $32,000.

Buyers continue to have great difficulty in continuing positive advances above $33,120.

If buyers fail to advance the Bitcoin price above $33,500 for the next few sessions, sellers will continue the downside downwards below the $32,666 price area, where buyers will have to bar sellers above the $32,220 price area at all costs in order not to take large losses below $32,000.

Follow the buyers in the attempts of the positive developments above $33,000 and $33,120.

The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.

Resistances: U$ 33,182 // U$ 33,517 // U$ 33,853 // U$ 33,143.

Supports: U$ 32,717 // U$ 32,403 // U$ 32,067 // U$ 31,678.

https://www.tradingview.com/x/w7gy2GgY/

H1 chart:

Bitcoin price tracks a little bit above the 5 EMA, however it follows below the 20, 50, 100 and 200 EMAs and below the Ichimoku Cloud.

It will be of utmost importance that the Bitcoin price stays above the $32,500 price area in order to avoid further negative corrections below this price area.

The Bitcoin price is facing great difficulty in advancing above U$33,000 and U$33,120 now at the time of writing.

If the Bitcoin price enters exhaustion from attempts at the positive advances upwards of U$33,220 and U$33,460, the negative corrections could continue down to below U$32,500, and yet the possibilities of extending below U$32,000 could arise, which will trigger further negative corrections down to below U$31,780.

Only positive advances above $33,500 for the Bitcoin price to begin to move out of a risk area.

Buyers continue to attempt positive advances above $33,120.

Sellers are increasingly testing the LTA (pullback from $30,110 H1); where if they break through it, the downside will be much greater down towards $32,500.

Buyers have made a double bottom pattern just now, which may help for the next sessions to return to positive developments above $33,780 and $34,000.

Follow the buyers in the attempts to give the continuities of the positive advances above the U$33,220 and U$33,500.

Resistances: U$ 33,180 // U$ 33,356 // U$ 33,520 // U$ 33,712.

Brackets: U$ 32.942 // U$ 32.734 // U$ 32.490 // U$ 32.213.

https://www.tradingview.com/x/taAiX1Bk/

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Nº 385